Canadian Imperial Bank of Commerce | Environmental and climate change committee at Canadian Imperial Bank of Commerce

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Company ticker
CM:CN
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Amend board structure
ESG theme
  • Environment
ESG sub-theme
  • Climate change
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the board of directors set up an environmental and climate change committee.
Supporting statement
In a recent interview, Mark Carney, former Governor of the Bank of Canada and the Bank of England, and now UN Special Envoy on Climate Action and Finance, called on companies to establish a board-level committee responsible for climate change issues to better understand the risks associated with transitioning to a low-carbon economy. He also said that boards should include a climate change specialist, given the complexity of the issue. Bear in mind that in a recent report, the Bank of Canada said that the shift to a lower-carbon economy will be complicated and could be costly for some. The transition will likely lead to complicated structural adjustments for carbon-intensive sectors, such as oil and gas, and could leave insurance companies, banks and asset managers more exposed. The creation of an environment and climate change committee would reassure shareholders and stakeholders of the Bank’s ability to manage the risks and opportunities will continue to impact the economy and the financial system.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.